MFN forex broker is an unregulated broker which was established in Canada in the year 2006 and has been into online trading since then. The payment option offered by them is limited and is through credit cards, debit cards and wire transfer. They do not entertain traders from United States to have an account with them to do the trading. The trading instruments offered by them other than forex includes gold, oil and CFDs which is made available to the clients by a very few companies. The frequently asked questions section of their website is very informative and a good sign that they answer the queries of the clients promptly. The trading platform offered by them does not include Meta Trader4 but has their in house platform named MFN L4. The same platform is available to their clients in demo account as well but the use is limited to 30 days period.
The account currencies accepted by them is only United States Dollar and they allow their traders to trade in 22 currency pairs and include almost all major ones. They have Islamic accounts available for Muslim traders which are boon for all the Muslim traders who follow the Islamic laws on trading. Their website is available only in English so may be a problem for all those traders who do not know English. The customer support service is also available only in English. The customer support is made available using phone, live cat and Skype. The spread on the currencies is very low and is fixed hence the trader know the cost of placing an order beforehand. They also offer bonuses to their clients and also provide managed accounts. However, they do not offer many other features and they may have to work on their services to the clients.
The reviews are one of the best medium which can tell you about the company’s performance through their users. However, MFN broker have very good reviews posted online which shows its popularity among the traders. Though they are unregulated they have kept their security quotient very high. Most of the reviews speak high about their trading platform MFN L4 and say that it is very easy to use and have many features which allows smooth trading. The customer support service is also very good and they can be reached via phone, live chat and Skype. They also answers the queries posted on their FAQ on the website. Some of the cons of trading with this broker is that they have their website only in English and the customer support is also available just in English. The minimum account size with them to open the account is $5000 which is a concern for small traders. The number of currency pairs is also very less as per a few traders. They do not allow the US traders to trade with them. However, the overall reviews are in the favor of the company and the average rating given to them is 5.9 out of 10.